Massachusetts Family Law Attorneys
Bankruptcy Alternatives

Massachusetts Bankruptcy Alternatives

Our Massachusetts Bankruptcy Lawyers Are Ready to Help

While bankruptcy is a great way to recover financially for some people, it’s not the right option for everyone. Filing for bankruptcy is a last resort for those who do not have the means to recover from debt without it. There are other types of debt relief that a person can explore before deciding if bankruptcy is the right path to financial freedom for them.

To learn your options, call Miller Law Group, P.C. now at (508) 502-7002. Our team of Massachusetts bankruptcy lawyers are familiar with state and federal laws regarding debt and are prepared to help you. We’ll listen to your story, walk you through your options, and help you decide what steps to take next.

Call our Massachusetts bankruptcy lawyers now at (508) 502-7002 for a free initial consultation.

Bankruptcy Alternatives

Many people falsely believe that bankruptcy is their only option when they are struggling to pay off debt. Understanding the options available to you is the first step toward deciding if bankruptcy is really your best options. Bankruptcy alternatives aren’t for everyone, and they are typically reliant on a person’s income and ability to make payments associated with them.

Debt Settlement

Debt settlement can be arranged in two ways. First, a person can attempt to settle their debts by negotiating with their creditors. Sometimes, banks, companies, and other institutions will be willing to create a custom payment plan that fits a person’s budget restraints. It’s always wise to consult with an attorney before attempting to do this alone.

The other way to settle debts is with debt settlement companies. These for-profit companies will negotiate with your creditors on a settlement amount that will resolve your debt once paid. Once they agree on an amount, the debt settlement company will have the debtor make a monthly deposit into an account that’s managed in a way that’s like an escrow account. Eventually, consistent payments to this account will cause it to reach an amount that satisfies the terms of debt settlement.

Downsides of debt settlement include:

  • It can last for years
  • Creditors don’t have to agree to a settlement
  • It can negatively impact a person’s credit report

Debt Consolidation

Debt consolidation describes when a person pays off all their debt by taking a loan. It’s helpful because it can stop high-interest debts from inflating and provide a manageable monthly payment to the debtor. Some debt consolidation loans use a home’s equity while others are more traditional loans with monthly payments. In some instances, a person can consolidate debt through a second mortgage. However, this type of consolidation uses a home as collateral and a late payment could result in the loss of the debtor’s home.

Debt consolidation might be right for a person who has more equity in their home than would be protected under Massachusetts or federal bankruptcy exemptions. To confirm this, call Miller Law Group, P.C. now at (508) 502-7002.

Credit Counseling

Consumer credit counseling plans can help a debtor receive reduced payments and lowered interest rates in exchange for agreeing to pay a creditor by a certain time. Typically, credit counseling plans require monthly deposits with a credit counseling service. While a credit counseling plan can take years to finish, it can be useful for those who want to eliminate debt without claiming bankruptcy. However, credit counseling does not provide the “fresh start” that many people who claim bankruptcy receive.

Find Out if Bankruptcy Alternatives Are Right for You by Calling (508) 502-7002

At Miller Law Group, P.C., we’ve dedicated our law firm practice to help clients and their families make difficult decisions and navigate through legal challenges. Every member of our team is completely focused on making sure we help clients find the answers and results that they deserve. To make sure we approach a case from every angle, we have a weekly meeting to get the insights and opinions of other members of our firm.

If you’re considering bankruptcy alternatives, we’re ready to help you decide if one is right for you. Our Massachusetts bankruptcy lawyers will listen to your story, examine your situation, and always consider what is best for your future before making a suggestion.

Call our Massachusetts bankruptcy lawyers now for a obligation-free consultation. We’re standing by to help when you dial (508) 502-7002.

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